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Montenegro's economy is slowly transitioning to a market system, but the state sector remains large and additional institutional changes are needed. The economy relies heavily on foreign tourism and the export of refined metals. Unprofitable state-owned enterprises, especially the Podgorica Aluminum Kombine, the country’s largest exporter, weigh heavily on public finances. During the MILOSEVIC era, Montenegro severed its economy from Serbia, maintained its own central bank, adopted the Deutsche Mark, then shifted to the euro - rather than the Yugoslav dinar - as official currency, collected customs tariffs, and managed its own budget. The 2006 dissolution of the loose political union between Serbia and Montenegro led to separate memberships in several international financial institutions, such as the European Bank for Reconstruction and Development. In January 2007, Montenegro joined the World Bank and IMF. Montenegro became the 156th member of World Trade Organization in December 2011. The European Council (EC) granted candidate country status to Montenegro at the December 2010 session. Montenegro began negotiations to join the EC in June, 2012, having met the conditions set down by the European Council, which called on Montenegro to take steps to fight corruption and organized crime. Unemployment and disparities in regional development, especially in the north, remain key political and economic problems. The global financial crisis had a significant negative impact on the economy, due to a credit crunch, a decline in the real estate sector, and a fall in aluminum exports. The Government of Montenegro increased value added tax (VAT) from 17% in 2012 to 19% in 2013 and raised income tax rates from 9% to 15% for those earning over €480 a month. In 2013, the government also retrenched by freezing pensions and limiting salary increases for public enterprises and members of the parliament. More »

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